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KiwiSaver Advice

KiwiSaver is a voluntary New Zealand government savings scheme that sets aside contributions from you and your employer. Being part of this scheme is a great way to boost your savings and prevent you from overspending on things you don’t need.

You can use your KiwiSaver account as part of a deposit on a first home.  In order to qualify, there are a few conditions.

  • You must have been contributing to a KiwiSaver account for at least three years
  • You must have contributed at least 3% of your income during this time
  • If you are not a first home buyer, but are purchasing a second mortgage, you may still be eligible to withdraw some of your KiwiSaver funds if you are in the same financial position as first home buyers
  • Your KiwiSaver funds can be used as part of the 10% initial deposit, but will only be available as part of settlement. You can apply for a deposit bond in order to use your KiwiSaver funds beforehand. The bigger your deposit, the smaller your home loan.
  • After you use KiwiSaver funds to buy your first home, you must leave at least $1000 in your account

Getting More with a KiwiSaver HomeStart Grant

The HomeStart Grant is an extra boost for eligible first time homeowners.

  • You must earn less than $85,000 for a single owner or $130,000 for two people combined
  • You must be buying a property less than $600,000 in Auckland, $500,000 in other metropolitan areas or $400,000 in rural New Zealand.
  • You must intend on living in the house for at least the first six months after purchase
  • You can receive a $1000 grant per year you have been contributing to your KiwiSaver account, up to $5,000 for five years.
  • You can combine this grant with an eligible partner for up to $10,000
  • If you are building off-plan or a new development, your HomeStart Grant may be doubled.

KiwiSaver is an excellent way to build up savings, and can be used to help you buy your first home in addition to a home loan. If you meet certain spending and income limits, you might be eligible for an extra grant.

Even if you’re not sure if you want to buy a house yet, enroll in KiwiSaver. It’s a good idea to get started with savings now, and after three years of contributions you can see what a difference it has made.

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“Due to redundancy we found ourselves in a dire financial situation. Our own bank was less than helpful. The other banks we called not much better. In desperation we called Jeff. It took a little while but now we are in a better financial than we were before the redundancy – despite having 3/4 of the income. Jeff acted in a professional, positive and friendly manner through out. I would have no hesitation recommending Jeff to anyone. Thanks Jeff.”
Anthony
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“No deposit. Reasonable income. One debt to pay for a few more years. Declined left, right & centre by banks, brokers & anyone else who would listen – except Jeff!! Only 5 days after faxing my details (including the weekend) Jeff has just phoned me to say I have a mortgage – from a bank that had previously declined me! After posting this review on the net, my next stop is the real estate sites. I’M GOING HOUSE SHOPPING! Thank you hardly seems adequate, but thank you again Jeff.”
Jenny
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“What an absolutely first class person to deal with… Jeff has been fantastic, constant communication, solved every problem we came up against and there were a few! as a result of Jeff’s amazing can do attitude, stickability and hard work, we now will be moving into our very first house in 3 weeks time. In our opinion don’t go to the banks go straight to Jeff, when the banks said no Jeff found a way. Words can’t express how grateful we are thanks so much Jeff.”
Celia & Ralph
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“Really appreciated Jeff Royles’ advice which has always been timely and invaluable for all my refinancing and mortgage advice. He has prompt service and a cheerful “can do” attitude – nothing is too much trouble for him, accessible (at all hours!) and he’s approachable at all times too! A first class mortgage broker of his calibre is hard to find, Jeff is indeed a star! I would not hesitate to recommend him.”
Shirley
“Absolutely awesome words can’t describe it even when we were declined you fought for us and got us our first home loan amazing job never gave up 5 stars and more.”
Ross and Briar Parfitt
Executive Director
Kiwisaver FIrst Home Buyer

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